The Innovate Fund Provides Essential Financing for Anderson County Business

ANDERSON, S.C., April 1, 2022— A 150,000 SF manufacturing expansion is being undertaken in Anderson, SC as a result of a $10 Million allocation of New Markets Tax Credits (NMTC) from The Innovate Fund. The Innovate Fund, a NMTC CDE, prioritized investment to this manufacturing expansion due to the project being in an Appalachian Regional Commission Distressed Area with an unemployment rate of 16.9%, which is 2.04x the national unemployment rate. Additionally, The Innovate Fund prioritizes investments that result in the creation of high-quality, accessible jobs. The manufacturing expansion in Anderson is expected to result in the creation of 220+ jobs by Pregis Performance Flexibles, a packaging and protective solutions company.

Jon McClure, President of South Carolina Operations for Pregis Performance Flexibles, stated that, “With the NMTC subsidy, the initial construction expansion can begin and serve as a catalyst for the completion of the full scope of the project allowing Pregis to maximize the anticipated benefits to the community”. Construction activities are planned to start immediately with substantial completion to be in late October 2022. Hiring for the new positions will take place in 2022, and all new jobs will provide full-time working hours, access to employment benefits, including healthcare, and provide opportunities for training and advancement.

“The Innovate Fund has a long and proud history of making transformative investments throughout SC with a total of 6,177 jobs created in SC since our inception,” Emma Wyatt, the Program Manager for The Innovate Fund explained. “With the support of the SC legislature and future awards from the CDFI Fund, we can continue to support great projects like this manufacturing expansion in Anderson via the NMTC program.”